Sintana Provides Update on VMM-37 Joint Operating Agreement and Contract
April 18 2023 - 7:00AM
Sintana Energy Inc. (TSXV: SEI OTCQB: SEUSF) (the
“
Company” or “
Sintana”) reports
that ExxonMobil sent Patriot Energy Oil and Gas Inc.
(“
Patriot”), a subsidiary of the Company, a notice
stating that, based on the terms of the Joint Operating Agreement
between ExxonMobil and Patriot (the “
JOA”), it had
decided to withdraw from the JOA as of May 31, 2023. The notice
also states that ExxonMobil will withdraw from the Contract with
the Agencia Nacional de Hidrocarbons (the “Contract”), effective
after obtaining required Government approvals. Both the JOA and
Contract pertain to the 43,158 acres property known as the VMM-37
block which is in Colombia’s Middle Magdalena Valley Basin
(“
VMM-37”).
Chief Executive Officer Doug Manner commented:
"We are disappointed that our VMM-37 partner for more than a
decade, ExxonMobil, has voluntarily chosen to withdraw from both
the JOA and Contract. Management has engaged legal and technical
advisors for assistance in addressing this unexpected change of
events”.
The Company fully reserves its rights under the
contracts governing VMM-37 and applicable laws and regulations.
Further updates will be provided with respect to
these matters as additional information becomes available.
About Sintana The Company is
engaged in petroleum and natural gas exploration and development
activities in Colombia’s Magdalena Basin and five large, highly
prospective, onshore and offshore petroleum exploration licenses in
Namibia. Sintana’s exploration strategy is to acquire, explore,
develop and produce superior quality assets with substantial
reserves potential.
On behalf of Sintana Energy Inc., “Douglas G.
Manner” Chief Executive Officer
For additional information regarding Sintana and ongoing
corporate activities, please visit the Company’s website
at www.sintanaenergy.com.
Corporate Contact:Douglas G. MannerChief
Executive OfficerTel: 832.279.4913
Corporate Contact:Sean J. AustinVice
PresidentTel: 713.825.9591
Investor Relations Advisor:Jonathan
PatersonFounder & Managing PartnerHarbor AccessTel:
475-477-9401
Forward-Looking
Statements Certain information in this release are
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but not limited to, statements with respect to
the status of the JOA, potential rights and remedies in respect
thereof and the prospective nature of the Company’s property
interests. Such statements are subject to risks and uncertainties
that may cause actual results, performance or developments to
differ materially from those contained in the statements,
including, but not limited to risks relating to the receipt of all
applicable regulatory approvals, results of exploration activities,
the ability to source joint venture partners and fund exploration,
permitting and government approvals, and other risks identified in
the Company’s public disclosure documents from time to time.
Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Company
assumes no obligation to update such information, except as may be
required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE
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